Unemployment remained nearly flat in October 2015 at 7.9 million with an unemployment rate of 5.0 percent, according to the most recent report by the Bureau of Labor Statistics (BLS). The latest employment data showed that employers in the United States added 271,000 jobs in October 2015. The largest job gains were found in professional and business services (78,000 jobs added), health care (45,000 jobs added), retail (44,000 jobs added), food services and drinking places (42,000 jobs added), and construction (31,000 jobs added). Meanwhile employment in mining continued to trend down with 5,000 jobs lost in October 2015, for a total of 109,000 jobs less than in December 2014. Employment in other industries including manufacturing, wholesale trade, information, financial activities, and government had little or no change.
In October 2015, average hourly earnings for all nonfarm employees rose by 9 cents to $25.20. Over the year, hourly earnings have grown by 2.5 percent.
As for temp jobs, the U.S. economy gained 24,500 temp jobs in October 2015, the biggest month-over-month gain since November 2014. The number of temp jobs has increased by 4.13 percent on a year-over-year basis.
Temporary Help Services Jobs, Year-over-Year
According to a report released recently by the Federal Reserve Bank of Philadelphia, growth in the U.S. economy this quarter will be 2.6 percent. The report forecasts that nonfarm payroll employment will have job gains of 197,000 jobs per month in 2016.
According to a CareerBuilder survey of 2,300 hiring managers and human resource professionals, 33 percent of companies across all industries plan to hire seasonal workers this year, up from 26 percent last year. Additionally, 47 percent of employers expect to transition some seasonal staff into full-time permanent roles.
Roles for which Companies are Hiring Seasonal Help in 2015
By region, the West has the largest percentage of employers planning to add seasonal staff. By company size, seasonal hiring is higher for businesses with 250 or fewer employees.
The National Retail Federation predicts that retailers this year will hire 700,000 to 750,000 workers to fill seasonal positions. Amazon, for example, is expected to hire 25 percent more workers this holiday season than it did last year, while Wal-Mart plans to hire 60,000 seasonal workers nationwide and Macy’s expects to hire 84,000 seasonal workers. Shipping companies are also expecting to hire seasonal workers nationwide. UPS anticipates hiring 90,000 to 95,000 seasonal workers, the U.S. Postal Service is hoping to hire 25,000 to 30,000 seasonal workers, and FedEx expects to add more than 55,000 seasonal positions countrywide.
A recent survey conducted by the Society for Human Resource Management (SHRM) revealed that benefits are playing an increasingly important role in organizational recruiting and retention efforts. Approximately 40 percent of respondents indicated that their companies relied on benefits packages to recruit workers with hard-to-find-skills. Additionally, 38 percent indicated that they have utilized benefits as an employee recruitment tool for jobs at all levels. Approximately one-third of respondents relied on employee benefits to retain employees.
Among the benefits offered, 69 percent indicated that their benefits program includes some type of wellness initiatives, and 96 percent provide health insurance coverage with companies paying approximately 75 percent of the cost to employees on average. 48 percent reported that flexible work arrangement options are a benefit available to employees.
Salary Increases for 2015 Grads
According to a recent survey by the National Association of Colleges and Employers, the overall average salary for U.S. bachelor’s degree holders from the class of 2015 is 5.2 percent higher than the final salary reported for the class of 2014. The overall average salary for bachelor’s degree holders from the class of 2014 is $50,651.
Top 5 Average Median Salaries by Discipline for Class of 2015 Bachelor’s Degree Holders
Source: National Association of Colleges and Employers
High Demand for Talent in Healthcare and Retail Sectors
A report released recently by Hanover Research and iCIMS revealed that the healthcare and retail sectors have the highest demand for talent with 17 percent and 14 percent of all job postings. The hospitality and leisure industry had the highest talent surplus with twice the number of applicants than open positions. Meanwhile, the banking and securities industry had the highest success rate for connecting passive candidates to jobs with a 69 percent conversion rate. The industry receiving the most applications via mobile devices was the food and beverage industry, followed by the retail industry.
Top Industries with the Highest Concentration of Demand for Talent
Job Board Revenues
Recent analysis found that revenues at job boards were generally lower in the third quarter of 2015 compared to a year ago. The only exception was LinkedIn Corp.
LinkedIn reported that revenue increased 37 percent in Q3 of 2015 to $790 million, including $41 million in revenue from Lynda.com, which was acquired early in the year. Revenues from LinkedIn’s talent solutions segment, which includes revenues from LinkedIn Recruiter, LinkedIn Career pages, and Lynda.com, increased 45.7 percent to $502.1 million. Other segments of the company also reported revenue increases, with marketing solutions posting a 28 percent increase in revenue, and a 21 percent increase in premium subscriptions.
Monster Worldwide Inc. reported that revenue dropped by 7 percent in Q3 of 2015 to $167.1 million. Revenue from Monster’s Careers - North America operations fell 4 percent, while revenues from international operations fell 13 percent.
DHI Group Inc., the parent company of job board Dice, reported that third-quarter revenue fell 4 percent.